2022-08-31-accounts

KING'S HOUSE SCHOOL TRUST {RICHMOND) LIMITED (A Charitable Company Limited by Guarantee) REPORT AND CONSOLIDATED ACCOUNTS YEAR ENDED 31 AUGUST 2022 Company Rewstered Address: 68 Kiw Road, Richmond. Surrey. TWIO 6ES Company Registered No: 590559 Charity Registered No.. 312669

KING'5 HOUSE SCHOOL TRusr IRICHMONDI LTD ANP4UAL REPORT AND ACCOUP4TS Iciwrtlnuedl YEAR ENDED 31 AUGUST 2022 The Governors are deli8hted to present their annual report incorporating the strate8ic report for the year ended 31 August 2022 under the Charities Act 2011, tts8ether with the audited accounts for the year. which are prepared to meet Ihe reouiremenis ofa directors. reportand a￿oUnts forCompaniesAct purpose5, theTrust Deed and the Charities SORP IFRS1021. The Governors of the Sc￿?01 and the Directors of the tradin8 sub5idi4ry fr￿ give their time and expertise to support the Charity. None of the Governors receive remunefation or other benefit from their work wlth the charity. Anv contractual relationship must be disdosed and notes of interest are retained in written form. The School is fortunate to be supported by parents through the Friends of Kin￿5 House S¢hool and durlng the year the Ffiends held a number of events, which are alway5 well attended. The Governors are Brateful for their commitment and contribution to the School. whlch this year totalle(1 £5,226 8nd was used to purthase avdlo visual equipment for use around school and the theatre. REFERENCE AND ADMINISTrATrVE INFORMATION The School is a Public Benefit Entity registered a5 a charityin En8land and Wales and a company limited byguarantee. It was incorporated on 17 September 1957 (company number.. 59)5591 and registered as a charity on 31 July 1964 Icharlty number.. 3126691. King's House Sthool EnteriK15es Ltd was constituted as a bodycorwratè Ilmited byguarantee on 21 May 2010 Icompany number.. 072614241. The Dirertors of the tharitablè company are the Trustees for the purposes of charity law and are Governors of the School. In the event of the tharitable comp3ny bein8 wound up, the liability in respect of the guarantee 15 limited to £1 per Oirectoi of the charitable companv. The address of its re8lStered office is 68 Kirqs Road. Richmond upon Thames. Surrey, TWIO 6ES The information included on pages I to 4 fomis part of this report.

KING'S HOUSE SCHOOL TRUST IRICHMONDI LTO ANNUAL REPORT AND ACCOUNTS Icontlnuedl YEAR ENDED 31 AUGUST 2022 Governors, Officers and ￿vIserS The Kin￿5 House School Governors are the charity trustees of the Kin&s House School charity. They have all served In office throughout theyear. except where indicated. Together with past Govemors Iwho served in the year as indlcatedl, they are.. O¢¢ypatlon Oate of appolntment DavSd Barbour Dan Boorman Julian Davison Adrian Edwards Richard Gale Jenn Geor Or Sarah Ann Hend Christine Lavert Chalr james Owen Lisa Peacock Chris Pollitt Catherine Urth Richard Ward (Vlo Chalrl Paul Williams nvestment Mana er puty Head, Bisho rwate Equity ana emeni Consultant om an Director A Consultant ut Head. Ham ton School hartered Ac¢ountant hartered Surve or/Fund Mana Barrister OU5e Master. Haffow School edlcal Pra¢tttioner om an Direttor nd Master. E 19 November 2015 3 December 2021 2Au ust 2017 8 Janua 2020 11 September 2021 4 December 2018 27 June 2018 19 November 2015 6 Jul 2017 9 Janua 2020 23 Junè 2021 23 lune 2015 4 Decernber 2018 21 Marth 2019 ate School er Iretired som Coll Whilst responslbllityfor the daily rnanagernent of the Sthool rests wr¢h the Head, Governor5 retain overall responsibllity for all aspects of the school's overreaching strategic direction and conduct. To assist in dischar8inB this responsibility. the Governors have created Su￿0MmIttee$ to deal with finance. devdoprnenL staffing and educational and pastoral matters, as well as od hoc8roup5 whenrequired. Memberships of committees durin8 the year ended 31 August 2022 and up to l December 2022 were.. Flnance & D￿elOPMent Comm5ttee IFtKI Julian Davison (Chairl Adrian Edwards Richard Gale Christine Laverty Richard Ward Human Resources Commlttee Jenny George Ichairl Sarah Ann Hendry Christine Laverty Paul Williams Saf￿Uardlng Commlttee Dan Boorman (Chair) Jenny George Lisa Peacock Educatlonal & Pastor•l Commlttee IEPCI Sarah Ann Hefidry Ichairl Jenny Geor8e Katie Urch Chris Pollitt Nomlnatlon5 C4Mnmlttee Health & Saf•ty Commlttee J8mes Owen Christine Laverty Rlchard Ward Bursarles and Publlc 8enefft Commfttee Llsa pea￿Ck Ichairl Katle Urch Paul Williams

KING'S HOUSE SCHOOL TRUST IRICHkK)NDI ITD ANNUAL REPORT AND ACCOUNTS l¢ontlnuedl YEAR ENDEO 31 AUGUST 2022 GOVERNORS AND CHARITY TRUSTEES l¢tyftlnued) Governors Offl¢ers and Ad¥lsers Icontlnued) Xin￿$ House khool Enterprises Ltd IKHSEI is a wholly owned 5ub5idiary of Kin￿5 House School, incorporated to manage the School's trading operation5 (ryincipal￿ letts"ngsl. The Directors of the Company are.. Davld Barbtyjr Loui5 Mather Mark Slfver Cindy Yendell Appointed 1911112015 pointed 101712018 {Chair- From iyil120191 Appolnted.. IV0612019 The 8oard of Governors is a self-appointed body. with a policy for selecting and retruitinÉ new members, who are elected to the Board by existing Governors. Service on the Board is a maximum of two terms of four years. The same arrangement applie5 to KHSE. KEY MANAGEMENT PERX)NNEL Head Mark Turner Deputy Head Head of Pastoral Care Martin Sho Alex Churcher Head of Junior Departt7)ent Head of Nursery Bursar. Company Secretary and Clerk to the Govemors Simon Gower Jane O'8rien John Loveland The Head mana8es ihe day to day operation of the Sthool throu8h the Senior Management Team ISMTI, which comprI5es the key mana8emeni personnel listed al￿e. The Bursar manages the day to day operatbon of the Enterprise Company thiou8h the Enterprise Manager. Prln(l¥al address of Charlty Prlndpal address of KIn￿$ House sd￿11 Enterprlse5 lid 68 Kin8s Road Rlchmond Upon Thame5 Surrey TWIO 6ES 68 Kings Road Richmond Upon Thames Surrey TWIO 6ES Web51t•S: fM¥w.ki .kSn round.co.yk OUR ADVISERS Audit 10 Queen Street Wace. EC4A IAG TS8 •ank pk 1st Fkxr. 39 Threa¢knedle Stree¢ London. EC2R 8AU MoDre 8•dowSolkltorn The Oriel. Sydenham Road, Guildford. &Jrrey. GUI 35R Inwranc• 8rokevs H•ttl•Anthws 2 B￿nSW1¢k Squar< 81rmI￿1￿3m. Bl 2LP Solldtors

KING'S HOUSE SCHOOL TRUST IRICHM014DI LTD ANNUAL REPORT AND ACCOUP4T5 {¢ontlnued) YEAR ENDED 31 AUGUST 1022 OBJECTS AND ACTMTIES: The Charitable Oblects of the khool are set out in itsTiust Deèd andthe rnain activities undertaken to furtherthe charity's purpose5 for the public benefit are to carryon and develop Kin¥s House Sthool in Richmond, Surrey and any other School. This Includes the provision of boarding andlor day schooling for thildren of either sex anywhere in the world. Ancillary to its rnaln charitable purpose. the charity a150 make5 its faolitles. and particularly its playing fields, available to local resldents, charitable organisations and Khools. Alms Within these Objert5, the School's strategic aim5 as an educational charity for thildren are.. l. To provlde an environment where the pupils feel supported and safe. and where thelr welfare and safeguarding are paramount. 2. To offer an education in whith the pupils experience a high quality. broad and balanced Curriculum. whlch engages and challenges them whi15t developin8 their knowledge, understanding and skills across the areas of learnin8 Ilin8UiStic. mathematical, suentific. technological. human and social. physical and aesthetic and creative education). 3. To attract and retain pupils who will benefft from and contribute to the education that Is on offer at King's House. 4. To attrac¢ support. retain and develop teaching and supwrt staff of the highest calibre. who will enhance the provi510n to the pupils here. To bulld and maintain facilities whith enhance the education and care offered by the School. 6. To ensure that the School continues to be in a stron8 Position financially. is efficientty run andls able to deliver on its aims whi15t keeping the fees on an affordable footin& 7. To enhance the reputation of Kin¢s House Schod and to build stronger links with the wfrder ¢ommunity. including parents and alumni. To rneet and, where appropriate exoed, all required standards for a hlgh quality independent school. The Sthool is an equal opportunities employer, committed to a workin8 environment that is free from discrimination and will rnake reasonable adjustments to meet the needs of staff or pupils who are or become disabled. It has recently formed an equality, diver51ty and inclusion IEDII working group of staff from various departments of the school, followin8 a staff Sense of Belonging Survey. The 8roup meets on its own and with governors to focu5 on increasing the dlversity of staff and puplls and to ensure that all school prartices and opportunities are fair and transparent. The School use5 Common Entran￿ fesuhs and senior school entry to monitor its SU￿55 and the performan¢e of the pupils remain5 a Sour￿ of great Satisfaction. particularly as the 5th001 is non4elertive in the early years. taking pupils of all abilitie5 into the Nursery and Reception year5. The School considers other measures of success. such as indsvidual and team sporting achievements and a¢hievemeNts in performing arts. music. deS￿n te¢hnolo8y and art. The extent to which parents are involved in school life is also monitored, a5 the Governors consider paiental involvement as key to the continued Suc￿$ of the School. The School ￿ThainS committed to workinB Wlth the communty and seeks to in¢rease pupil numbers travelllng to school by school provided and public transport. Where this is not practical. the school encourages puplls to cycle. walk or share lifts with each other. This activlty to minimise the impact on local traffi¢ Is reflected in the school's sllver accreditation with the Tran5POrt for London STARS stheme. A(tlvltles The objectNes refiect the educational aims and the ethos of the Sthool and the importaKe of maintainlng and enhancing it$ academic success. These obje¢iive5 are, however. set in the context of the broader Boals set for the School and its pupils, and a wide range of extra-curricular a¢tiwtie5 is prowded throughout the s¢hool. In settin8the obje¢tive5 and planning artivities, the Board and Senior Management Team have given careful conslderation to the Charity Commisslon's general guidance on public benefrt and. in particular, to its supplementary public benefit 8uldance on charging forseNces. To underlinethevalue placed on continurtyforfamilie5. a discount Is offered to parents.

KING'S HOUSE SCHOOLIRU5T IRICHMONDI LTD ANNUAL REPORT AND ACCOUNTS (con￿￿Yed) YEAR ENDED 31 AUGUST 2022 The School continues to develop tts ouireach initiatives, indud1￿ bursary awards, and to maximise the use of its estate5 and sportingfacilities by other school and communitygroupsfoc the benefit of children of both Sexes, aswell as promoting sport in the community. The Bursaries and Public Benefit Committee review outreach initiatives annually, including bursary awards. A list of othersthools and Communitydubs is maintained and details are logged on the Sthools ToBether website. The School is committed to sèfegu3rding and promoting the welfare of the pupils and expects all staff and volunteers to sharethis commitment. Parents are given regular information about thèir chlldren's sooal and academic progre55 ihrouBh parents, evenings, in addition to the traditional end ol term and year reports. Re8ul8r contact wlth parents is maintained throughout the year through informal contact and through the biweekly newsletter. website and social media platforms. All pupi15 have a Form Tutor who Is responsible for their pastoral care and academic development. In addltion. external speakers attended school to speak to the pupils about personal and intemet safety. The School offers a broad currlculum and is proud of the adVan￿rnent in recent years in areas 5uth as computin& de518n technology, musl¢, art and drama. Computing 15 taught as a discrete subjectfrom Nursery onwards by a speclalist teacher, allowing pupils to add depth to their subjÈrt knowledge. such as learning textual programmin8 from Year 5 IPythonl and Year 7 IHTMLI. In design technology. bearninB is termly project based incorporats"n8 theory and practical modules. Pupi15 are exposed to techno108V through computer aided design ICADI and computer aided manufacturing ICAMI. The Art department has a fully functioning art studio equipped with a kiln to enable work on ceramics projects, as well as other mediums such as print makin& paintin& drawing and photoshop. The Music department Is committed to prowding a stimulating and challen8in8 alkround muslc education, whilst takln8 care to identify and nurture individual talent and maximi2e pupils. potential. Our 12 peripatetic teathers offer Individual lessons In plano. vlolin. cello. flute, clarinet, saxophone, all bra55, guitar, drurn and voice. Many pupils take part in ABRSM exams and there are many co-curricular actmties such as ensembles. orchestra, rock bands and traditional choirs. Drama encourages every boyto perform. be it in class, a￿eMblieS or as part of a produoion. Drama is used tofaalitate keysocial and communicative skills and emotlonal Ilteracv. On the sportingfroni, thè School has excelled since retuming after the Covid resirictiofts. partiopatlng in regional football, and cricket competitions and boys representing thè c¢)unty- Rugby has been strong acr055 the board, as evidenced by numerous ex-pupils going on to achieve under-16 places at Harlequins and London Irish. Pupils are encouraged to contribute to the development of the school. and there are many opportunities for the pupll voice to be heard. Including eco-teaffls. school courKil. house competitions. tharityvotes.yeargfOUP forum5 and the ran8e of lunchtime clubs. For the alumni, those who left 2. 5 and 10 years ago were imted Imck In June 2022 for a reunion. The schod also managed to finally have the Class of 20C(1 - 20 years out - family barbeque, which had been delayed due to Co￿d. There has been a locus over the last year on growing the &umni database, in tum tu￿1¥¥bn9 an ervjaged community and polential network of volunteers and networking opportunitie> The S¢hool has an eco-commirtee made up of pupils from each year group in the Senior Department. who are workin8 on various inltiatives as part of the Eco Schools accreditation scheme. The S(￿)01 was recendy awarded the Eco-schools Grten Hag. which recognises the work done by pupils to make the Sch(￿1 more environmentally friend￿ and rise eco- awareness in fellow pupils. The School continues to investigate way5 to improve sustainability and reduce waste through the use of blodegradable food containers in the dining rooms and green kn.ns for recydin8 food waste. The waste manaBemenVrecyclin8 Partner can process much of the waste, for exarnple, they have plastlc, metal and glass recyclin& anaerobic di8esters, ¢ompostin& gas to ener8y plants and refu5e-derived fuel. 8ursaryPolky It is important to the School that 3ccess io the education offered is not restricted to those who can afford the fees. It Is the School's belief that pupils beneflt from learnin8 Within a diverse community and this is reflected in the provision of bursaries. The Governors vlew bursary awards as important in helpingto ensure thild￿n from famllies who would otherwise not be

KINfj'S HOUSE SCHOOL TRUST {RICHMONOI LTD ANNUAL REPORT AND ACCOUNTS {contlnued) YEAR ENDED 31 AUGUST 2022 able to afford the fees, can access the education the 5thod offers. 8ursary Awards are available to all parentslguardSans of chlldrèn entering anyyear group from Year 3 up to Year 6 and are made at the discretion of the Governing 8ody on the basis of parental means or to relieve hardship where a pupifs education and future prospecrs would otheTwise be at risk (for example in the case of redundancvl. The School ha5 appointed an independent company. Bursary Adrninistration knmited, to assess applications and make recommendations for or aBainst an award. The final decision on awards remains Wlth the School. Information about fee sslstance through bursaries is available to all who apply to the School and is published on the website.

KING'S HOUSE 5CHOOI TRUST IRICHM014DI LTD ANNUAL REPORT AND ACCOUIITS Iwillnuedl YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT As In p￿VIouS years, key objectives included: To mairtain the present lowteather: pupll rath),whkh the5d￿l belle¥esfves pupllsth• nec•ssarytlmetodevelop a¢•demi¢, sportin& artistk and social skill Measurement is easy to assess from pupil and staff numbers. Puyl achievements in xademlc, sPOrtin& music. drama, and other ath￿"tieS support our belief in the benefits of maintaining the ratio. The ratio remains low at just over 18. To malntaln the current hl8h standards of academlc a¢hle¥emenl at Common Enlrance and scholarshlp level. To Id¢ntlfy and support approprialelythe academk needs of the pupll The Common Entrance (Year 81 and scholarship results (Years 6 and 81 are a measure of success. The leavin8 Cohort in 2022 athieved a total ot 5 awards over a Bood rarvde of disciplines e.& academK. sports and music and all gained place5 at their thosen senior schools. Performance is measured throu8h educational assessment tools whith tra¢k individual pupil progress. Ongoing ertemal subject reviews assess the qLEallty of teaching. To develop 50dal and cultural awareness in pupib t1￿￿1h • proyamme ot e¥ents to en¢oura8e 8reater sodal awareness and parti¢ipati¢ Puwls and thwr famtlies are engaged in ralsln8 funds to continue the School's SUPFM)rt for the linked sthool and local children In Rwanda. Other measu￿$ indude assemblies. PSHE. external speakers and outreach activities through the pupils, Charity Committee. During the year, the School also supported Skylarks. SPEAR. The neyard. Royal British Legion. Comic Relief. Trus5elll Trust, Barnardos, Glass Door. Ukraine Appe•l and the NHS Charities Together. Donations totaled £16.717. In addltion to the main schod activity, the School continues to foster relationships With the community by h05ting a number of l¢xal resth)t clubs and charity events In the school buildings and particularly at the sports ground, includln8 the Riana Community summer 5POrtin8 èrtNiti and a partnership with the fjvil SeNice Football Club for gids. football coaching.

KING'S HOUSE SCHOOL TRUST IRICHMONDI LTD ANNUAL REPORT ANO ACCOUNTS IcontSnuedl YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT (continued) It was the intention to continue hosting Maths Masterclasses, to whlch Year 6 pupils from neighbouring schools and members ol the Royal In5￿tUre of Maths a￿ invited, to prowde the most valuable experiences for the pupils. Unfortunate￿, again this year, the pro8ramme was cancelled due to Covid.19 restrictions. To ¢ontrlbute to the wlder communlty by en•bUry partklpalkn On a range of sportln& re¢reation•l and educatlon•l a¢li¥itles. As well as the internal awards and external grants, the Sthool has focused on increasin8 its public benefit and ¢ommunity outreach work at the 5POrtS 8rounds. as that is where the biggest impa¢t on the community can be achleved. A number of local stale schools and community Clubs have regular acce5S to the facilities. either at substantially discounted rate or withovt any char8e at all. Communtty groups and charities have also held meetings and fundraislng events without charge. Dufln8 2021- 2022.. INTERNALAWARDS 2 pupils received means-tested bursarylhardshlp awards.. 8 pupils received %b15ng & Staff dlscounts: ExfERNALGKANTS A 8rant was made to RNCSF (see below) to 5UPPOrt disadvantaged ¢hildren in a5SlSted boarding places.. A Brant was made to The Sthool & Famlly Works social enterprlse (see belowl to fund one multi-fJmlly therapy group to support local chlldren with complex needs to promote their success at school: £11.436 £24.8&) £20.LXY) £20.tX Contlnuano ol charltabl¥ 5upporL The School continues to support the Royal National Children's SprinBboard Foundation IRNCSFI, through parent voluntary contributions of £5,570 and a direct donation of £14.430. in its mission 'to improve and transform the lives of youn& disadvantaged children by supportin8 their edu¢ational opportunities in both State and independent boardin8 schools. 8y dolng this. we seek to improve their educational attainrnent. employability and aspirations,. In November 2021 Ali Henderson, CEO, and Julian, a RNCSF alurnni, visited the School to speak to pupils and parents about the work the charity does. The School also sUPPOrts The khool and Farnily Works charity in their aim to 'offer flexible, therapeutlc, community based seNios that enable schoo15 and families to work together to help vulnerable children achieve educational success. via th￿r-tranSforMing lives initiatNe".

KING'S HOUSE SCHOOL TRUST IRKHMONDI LTD ANNUAL REPORT AND ACCOUNTS (continued) YEAR ENDED 31 AUGUST 2022 STRATEfjIC REPORT Icontlnuedl Achlevernents and Perfomiance Pupllnumbers Edutational activitie5 for boy5 from the ages of 4 to 13 are carried out in the Junior Department and Senior Department buildings. In addition, the Nursery premises provide pre-school facilities for boys and girls a8ed 3 and 4. The Junior and Senlor Oepartments averaged 37212021.. 3891 puplls. Numbers In the Nursery averaged $412021: 501. Acodemk We resolvèto keep up the academlc, sp¢rtln8 and artistic standards forwhith the Sthool has become known. and tontlnue the development of our premises to meet the needs of our pupils moving forward. A total of S award5 were achieved across a ran8e of dixiplines indudin8 academic, mu51¢ arKI sport. Desiinarioii of PLipils= day sc l)ools The chart Ileftl shows the mix of senior day schools it) 2021 and 2022 for our Year 8 Cohort. At the end of 2022. 3 pupils moved on to Epsom, Hampton and St Paul's respectively. ot the Year 8 cohort, 21 moved on to day senior schools in autumn 2022. and 17 selerted boarding schools. Figure I: Coniyartson of senior 5¢h•Dls ID.41'I 2021..21>22 eoardin8 ch￿ceS a150 vary year by year. In 2022. 17 puplls boarded, including 2 to Brighton, Epsorn. Eton and Vllnche5ter respectively. Destiiiatioii of pu pils: boar(liiig As a non-sdective school. we are proud that all our Year 8 boys gained places at their chosen schools, refiecting the School's commitment to broad turriculum which allows eath pupil to achieve their potential. F4gurt ?- Cornp•ri50n of 5eHigr schoo15 IBO.IRDINGI 2021-20?2 io

KING'S HOUSE SCHOOL TRUST IRICHMONOI LTD ANNUAL REPORT AND ACCOUNT5 l¢ontinued) YEAR ENDED ai AUGUST 2022 srRATEGIC REPORT Icontlnuedl FlnondalReview The main source of income for the School is through fee income tharged for the provision of education. In the 2021- 2022 school year, the fee5 charged rarvded from £2,580 for 5 mornings in Nursery. £4,740 for Reception and £6.190 in the Senlor Department. The main expenditure of the School is that of staff salarTres. Staff are keyto theongoln8 success of theschool and the School, therefore, continues to invest In the hi8he5t standard of teaching and administrative Staff. The School Is also tommitted to ensuring continued professional development for all staff. Premlses costs are the second major expense of the School and, this year. further ￿n0VatIon work was undertaken both it the sports ground and the teaching sites in Rlchmond. The financial statements show that the Schod Is maintaining a sound finanual base. The table below summaTises the financial data.. Acwunt$ Summary Year endl Au8USt 2022 £7.034,667 £443.6CO £7.478.276 £4.380.743 £2.817,020 £7,197.763 £280.513 Year endlng ALWIrt 2021 £6,799,704 £368,032 £7.167,736 £4.212.259 £2,657.363 £6,869.622 £298.114 Fee Income Other Income Total Income Staff costs Other ¢osts Total Expendlture Plet Incomlngllout8oln8) resour¢4s on School actlv5tle5 Tradlng Subsldlarv Income generated through lettlnas Expendlture Erterprlse COmpan￿S ¢>perall￿ profft Comblned Surplus forthe year The parents have the peace of mind of knowing that the Board 15 continuing Its Strategy of deploylng all net Trncoming resources to investlng in the educational purposes and fabrlc of all the school sites, in Ilne with the School's Obje¢tS. £873,430 £1445.0011 £428.429 £708.942 £579N6 £1339,9161 £239,970 £538,084 As an educational Charity, the School enjoys tax exemption on its educational artmties and on its investment incorne and gains, provided these are applied for thèritable aims. The School is entitled to an 80% reduction in business rates on the property occupied for charitable purposes. The finanual beneffts receNed from these tax exemptions are all applied for educational purposes and indirettfy help maintain the bursary poli¢ies and public benefit activities. However, as an educatitinal charity. the School is unable to reclaim input VAT on costs, as It ts exempt for VAT purposes. The School also pays tax as an employer through Natlonal Insurance contributions. Future Pkns The 8oard of Governors held their annual IAsion Day in September 2021 at the sports ground. tts review the present posItIc*n of the Sthool in relation to the Strategtc Devèlopment Plan ISDPI and assess potential threats, weakne55e5. opportunities and strengths. The Board has ratified the intention to continue the current strategies of maintaining the School'5 PQ51tion in a cornpetitlve market by investing to provide a high quality education for the puplls. Achievlng a high standard of academic results is a constant aim. whilst maintainin8 the breadth and depth of the education provided.

KING'S HOUSE SCHOOL TRUST IRICHMONDI ITD ANNUAL REPORT AND ACCOUPIT5 {conthyed) YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT I<ob)tlnuedl Future Plans Icoftthx￿d) The major developmènt prolett for the Senior Department remains a key priority for the Board and plannin8 permlssion wa5 formally granted on 10 June 2022. This scheme seeks to replace several poor quality school buildings With a siaie of the aft music, arts and teacFMng ljock, supported by a ¢reative landscaping plan and some fefurbishrnent works to the existing buildinBS. We see the key benefits of this scheme as follows.. Better quality learning and teachin8 environments for pupils ard siaff and for ihose community groups who benefit from being able to use the School. Greatly enhanced landscape around the buildinBS. providing additlonal natlve wldflower, shrub and tree plantln& as well as flexible play space and outdoor learning enmronments. Rationalised and improved accommodation. easier to tiavlgate. more acce55ible and Indu5ive for a wider range of user5. Buildings constructed to rigor¢)us susiainability criterla and standards. resulting in h￿1V efficient and su5tsinable buildings on 51te and contributin8 to reducing carbon use. Heritage benefits, through the rernoval of unsighily buiWings that have been added in a piecemeal way since the main Victorian buildin8s were constructed. The profile of the sports ground ts to be increased through a programme of refurbishment and re-brandln& In partlcular to raise the recognition of the link with the Sthool. throu8h the than8e of name to 'Kin¢s House School Sports Grounrf. New si8nage and advertlsing across the site have been installed, as well as the re4aunch of the website. The School has also built a "Gen2 ATP" multi-use surface primarity for Hockey. Netball and Tennis. new cricket nets and re-surfaced the extended car park. These new facilities will be for School and community use. In addition, the sports ground was selected to host the England Ru8by 2-day trainin8 eamp in May 2022. The School has also takèrt inio account the requests from parents for extended'wrap around. care and currently provides Early Bird5 Starting at 7.30am and a range of after-school aciivities until 5.30pm. Maintaining and, where necessary. developin8 the fabrrc and facillties of the Sthool are ￿ntral to it5 5trate8y. Therè is a programme of planned marntenance and investment in the Icr network. Chromebooks were introduced to Year 7 in October 2019 and, with the success seen durirE the period of lockdownlremote leamin& over the summer the School invested in additional Chromebooks for Year 6 and Year 8. The School also taken the opportunity to refijrbish the design ie¢hnology classrooms in the Senior Department and two of the lar8er classrooms in the Junior Department into a modern and prauical workspace. The School has decided to increase iuition fees for the Academi¢ year 2022-2023 by S.S% to reflect the underlying inflatTronary pressure felt across the cost base. Fortunately, pupil numbers, overall, remain good, but the rlsk of further disiuption both to the pupils, education or opèration of sports ground from Covid-19 or other factors beyond the School'5 direcr control has made the School carefully consider any disuetionary projects. However, with siron8 osh reserves and mlnlmal debt. the Governors are confident that the School will have Sufficient cash resources to continue to operate successfulty in the current environment. R15kMqftayment The Go¥emors have a risk management strate8y that compri￿= An annual review of the princlpal ris￿ and uncertainties that the School face5: The establishment of poliaÈs. systems and procedufes to MIt￿ate those risks identified in the annual Tevoew; The implementation of procedures desi8r*d to minimlse or manage any potential impact on the School should those ri5k5 maierialise. 12

KING'S HOUSE SCHOOL TRUST IRICHMONDI LTD ANNUAL REPORT AND Accoupifs l¢ontinued) YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT {¢ontlnuedl PrlnclpalRlsks The Governors have considered the principal risks and uncertsrntie5 facing the School. The Rlsk Reglster is reviewed bv Governors in full once a year, and risks are considered at each governor meetin8. An example of key risks identifie<l durin8 the year is as follows- Rlsk Description l update Polititsl and Tax Risks BREXIT uncertainty impacting on pupil numbers-the latest ISC census results Indlcate that pupil numbers from European countries have stabilised in the sector. R15k of losing CharIta￿e status. impact of VAT being introduced on school fees and rèmoval of business rates charttsble relie118￿1- Increasin8 costs, primarily drNen by the inryease5 in Teachers, Pension wovision puttlr additional pressure on fee inueases and long term affordability. War in Ukraine and increased political instabilrtyglobalfy. COVID-19 Pandemic resulting In School or year group closure and transition to remote learnin8. Requests for fee discounts and affordability issues for parents. Economic and Financial Risks Rising inflation and c05t of living Pressures. impacting the affordability of private education for parents and staff salary levels. Affordability of the Senior Department De￿lopment Proje¢L TechnoloBy Increasin8 cyber-attacks auoss the Sector. Ransomware Infertion from external hacks. Supporting remote sthool followin8 COVID-19 forced dosure. The rnaln funding of the School is through fee income and. therefore. uncertalntles over future pupil numbers are always a fartor for consideration. In order to minimise this risk, the School ha5 invested si8nificantly in the marketinB "building blocks. required to improve pupil numbers and develop the brand throu8h the website, social media platforms and tar8eted advertising campaigns. The traditlon31 method of magazine advertising and mall drops are not considered to be produ¢tive and have been discontinued, except for one or two ¢arefulty chosen publications. The chan8ing political and economic landscape is dosety followed throughout the year, parti¢ularty in relation to a suggested imposilion of VAT on school fees and the growing h05tility towards independent schools by some political parties. Members of the Senior Management Team and Governors attend semln8rs and briefin85 throughout the year to keep abreast of industry issues. There has also been 3 strate8i¢ rewew of the impact of the opening of a local prrvate nursery, on the number of girls reglstering and continuing at the School's nursery. The S¢hool remains committed to providing a ¢o-ed Nursery and is in the pro¢e55 of establishin8 link5 with other local xhools for the 8ids to move on to. The School participates in a number of Industry surveys to a$5iSt with setting fees and salaries. In addition, the School surveys parents and staff regularly, and pupil feedback is obtained through a variety of Pupil Voice groups. These SurV￿S are reviewed by the Finance and Staffin8 Committees to inform the Strategic Development Plan and assist in budget 5etlin8. The Governors have ensured ihatfvll Insurance is in place to mitigate financial rtsk. The inueasin8 rt5k of cyber-attack has been assessed and additional insurance has been put into effea to mitigate the potential impact of such attacks. Tralning has been provided to all staff to raise awareness of the potential ¢yber risk5 both at school and at home. 13

KING'S HOUSE SCHOOL TRUST IRICHMOP4DI LTD ANNUAL REPORT AND ACCOUNTS Icontwiuedl YEAR ENDED 31 AUGUST 202Z STRATEGIC REPORT Ic¢Mrtlnued) The School works hard to eFL5ure that debtors are well managed and the Finance Committee review5 Outstandin8 debts on a termly basis. The school offers the option for parents to pay fees in advance to support the cash flow. Through the Health and Safety Committee. risks to staff. pupils and visitors are considered. The Health and Safètv committee reviews all inudent reports and considèrs the reports from independent specialists engaged to undertake health and safety, fire and security audits of the school premises. This year a health and safety audit was ¢ommissioned by the School throu8h an independent consultancy- and firmlings and actions are were addressed thrin8 this academlc year. The Safeguardlng Governors undertake temly reviews to ensure thai staff are familiar with all 5afeguardin8 practices and procedures and have been adequatety trained They also review the termly Complaints Report. Compliance issues are tonsldered by eath Su￿£0mmIttee. accordin8 to its terms of reference. POUCIE5 Investment Pt￿tY The Governors believe that investment in the dÈvelopment of thesthoofs faciif(ies is a priority and, aCcordin￿y, make limited external investments. The School continues to monitor the market value of its properties in relation to their book value. The School'5 bankers hokl a charge in the form of a first legal M￿ge over certain of the Sch¢x)I's land and buildings. Pollcles & Pmcedure5 The School is grateful for Go¥eTnors' SUPPOrt in area5 of Child Protection and Safe8uarding. Approprlate Safer Recruitln8 trainlng has been undertaken by members of the Governing Body, in order to help in area5 of recwitment and to meet urrent regulatory and inspection 8uidelines. All GovernoT5 have received tratninB in Safeguarding Children. The School's Compliance Offiter ensures that all regulatory poliaes are kept up to date, and these and other Policles are reviewed Internalty and externally during the year a5 appropriate. Resetves The 8oard regularly revlews the General Fund and the deslgnated fijnds to ensure thatthey are at appropdate levels. Two designated funds are set aside and built up each year. The Property Fund has decreased to £5.237.936. The Bursary Fund has increased In 2022 to É102.492 after a transfer to it of £60,IXKJ and awards made of £35,587. The General Fund stood ai £5,222,913 at year end. Transfers are made io the Property Fund when there aresurplus fvnds available to refiert the reinve5tmentofthe S¢hool's surpluses. In common with other independent schools. the Board has invested substantial sums into new school buildings in recent years and has a continuin8 programme of refurbishment, redevelopment and investment to maintain excellent teaching facilities for ourpupils. The purpose of the Bursary Fund is to offer assistance to boys who may benefit from independent education and to help exislin8 parents who may suffer sudden financial difficulties. Additionally. the charity plans to continue developing its outreach initiatives, and to draw from the Bursary fvnd to wpport Charit￿ that are focused on imwovin8 the lives of disadvantaged young Children. The Board is Comfortable that the current level of free reseryes of £3,612,422 is Sufficient to meet the operating requbrements of the khool and is equivalent to approximately slx months. expenditure. However, given the increasingly ncertain times, the Board has initiated a project to detemiine both a rninimum and target level of free reserves for the School. The Board considers that, Biven the stren8th ofthe thar1￿5 balance sheet. the Stab￿ cash flow from full student rolls. the bank facility that can be called upon if the need ari5e5 and its continuing populartty. the School has suffiaent reserves to contlnue as a goin8 concern in the future. 14

KING'S HOUSE SCHOOL TRUST IRICHMONDI LTD ANNUAL REPORT AND ACCOUNTS Icontlnued) YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT Iconthuedl Fundralslnq The School 15 not registered with the Fundralsin8 Re8ulator and has not en8a8ed in professional fundraising duri￿ the year. Any fundraising activities in aid of charltles supported by the School and the Pupil's Charity Committee. are notified to parents durin8 the year through the biweekty new51etter, which is emailed to parents. There were no ¢omplaints received durin8 the year and the School has robust poliaes in place regardlng vulnerable people and treatin8 donors fairly- STRUCTU￿ GOVERNAMCE AND MANAGEMENT Govemlnq Document The School is govèrnèd by the charitable Trust Deed dating from 1957 and last amended in 2LTh)9. The Articles of Associatlon were amended and updated in December 2018 and registered at both Companies House and the Charity Commission. Recrultmert und Trnlnlng olfj¢wern¢Ys The Governors are elected at a full Governing 8ody meetin& Governors are appointed by the Board for two terms of 4 year5. Procedure5 are in place to identify and recruft suitable Indlvldualsto providestren8th and balan￿t0 the Board. Key area5 of expertise considered are education. finan￿. child welfare. legal. property and human resources. On appointment. Governors are indurted into the workings of the Charity, and briefed on their legal obligations under charity and cornpany law. They are provided with a copy of the tharitVs Memorandum and Artides of Association, the Board Stryciure, comrniltees and decision makin8 process. New Governors receive the current strateglc development plan and are briefed on the recent financial and academic performance of the school and trading subsidiary. Governors are encouraged to attènd, and do attend, events at the School, In-school training sessions arKI external seminars held by the Association of Governing Bodies of Independent Schools IAGBISI, the Independeni Schools. Bursars, Association IISBAI and other professional bodie5, including hay5macintyre and accredited child protection training. They have a¢ce5S to a variety of publications relatin8 to governance and developments in education. which are arculated to all members of the GovernSn8 Body. Organlsotlonalmqnagement As trustees of the Charity, Governors detemiine the policy of the Sthool. and are legally responsible for the overall rnana8ernent and control of KIn￿S House School. Dayto day management Is delegated to the SenioT Management Team. The Governors meet at least once each term, and will meet more frequendy if necessary. The sub-committee structure enables Governors to ensure that the Sthool is bein8 effectively managed. aThJ that approved policies are being followed. 15

KING'S HOUSE XHOOL TIIUST IRICHMONDI LTD ANNUAL REPORT AND ACCOUNTS luyrtlhuedl YEAR ENDED 31 AUGUST 2022 STrATEGIC REPORT {conllnuedl Sub Comrnittee Bursarles and Publi¢ Benefrt Committee What il does Meet5 at a rninimurn onte a year to re¥￿W the Sch(KTrl'5 bursary and publ benetst ￿0vish)n and rnake recornrnendations for the Idlowin8 year. Meets each term to rewlew the School's academic achievements and pastoral care. Meets e&hte¥rn to tlfinancial performa•ce of Schoc4. Approves the annual Tr￿d8et. Reviews tl audited accounrs and annual reportfor approval by the 8oard. Re¥ws development wojecrs and rnake5 recornfflendations to the 8oard based on the School's Strategic Devdopment Plan. Reviews the Risk Rewster annually. and assesses risks termlv. Meets each term to review terms and condition5 of employment (including rernunerationl of all stsff intluding key personnefj. Pr￿ideS an alternative forurn for per50nnd iSSLS OLrtside the usual management procedures_ Meets eath ￿mI to review iswes ￿lating to health, ufety and wdfare of pi15. Staff ènd visitors. Reviews and ensures prcKedures are effectrye. Meeis annuallyto assess the Govemors, self-evaluabon questionnai￿5. Rewews fjo¥ernors' skn.lls matrfx and plans recruitmentof Governors. Meet5 each term to wew èll safetuarding i$5ue5 arKI policie5 and Singte Central Register. Ensuresthatall stsff are reuuited inacc￿dance with the Safer Recruitrnert Policy. Ensu￿5 that Safegua¥din8 matter5 are effe(tNety dealt ￿th. Conducts audils to ensure all siaff are aware of Safeguarding ￿OCedureS and prathte Educatlon & Pastoral ComThttee IEPCI FInan￿ & De¥elopment C•nmlttee IFtK) Human Resourcès Committtt IHRCI Hèalth & Safèty COM￿￿ttee IHSCI Nofflin•t1ry15 Commiitee INC) Safeguardlng Commltte Relotedpqrties None of the Governors receive remuneration or other benefit from thelr workwlth the School. Anycontractual relaiionshlp must be dls¢losed and notes of interest are retsined In written form. Many of the Governors are parents of former pupils ofthe khool, however, it t5 a Board policy that no current parents are recrulted io join thè Board. The Sthool employed two indNiduals who are rdated to the Chair of Go¥emors, however, the Chair has no influerKe over the recruitment or remuneration of the member5 of staff. As a company limited by 8uarantee, the Schod has set up a Register of Per50n5 Wlth Si8nificant Control. The company knows or ha5 reasonable cause to believe that there is no re8iStrable person or registrable relevant le8al entity in relation to the company. The Sthool incorporated Kirfs House Sthool Enterprises Ltd. a wholty owned subsidiary company, to manage the lettings of the various school properties. most significantly the Kin<s House Sports Ground. the leasehold of which was acquired in 2010 and was extended in 2021. The Enterprise Board comprises a mlnirnum of one Governor of Kin¢s House School and at least two independent Directors. The Board meets termly to r￿l￿W the Enterprise operation and financial pèrformance, and makes re¢ommendaiion5 to the school eoard throu8h the FOC for developrnent of the facilities. The Head and the Bursar attend all meetings of the Enlerprise Board. The subsidiar¢5 missTron 15 to piovide 5POrtin& recreational, 50(ial and other facilitie5 for the pupils of the Scho￿ and for the wider community. to mitigate the costs of running the grounds, and the Enterprise Company accounts are consolidated into the Schoofs Annual Accounts. Kin¢$ House School Enterprises Umited has recorded the Sthool as a Person with Signtficant Control. Paypollryfvrsethtrstofi The School operales banded salary ran8es for all teachin8 Staff, induding senior staff. The banded ranges are benchmarked against other independent schools which are reglllered with ISC. Non-teachinB senior staff salary levels are compared to other appropriate benchmarks. Thls allows the School to remaln an attractive employer in rhe independent school sector. The bands are reviewed annually and. generally, an Trnfflatl￿ary Increase Is applied. TTr￿S Is dependent upon the finandal success ol the charity and also incfeases bein8 t)ffered In similar schools. 16

KING'S HOUSE SCHOOL TRUST {RICHMONDI LTD ANNUAL REPORT AND ACCOUNTS Icontlnued) YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT Icontlnued) GOVERNORS, RESPONSIBILITIES IN RELATION TOTHE FINANCIALSTATEMEP4TS The Governur5 (who are also directors of the charltable company for the purposes of company lawl are responsible for preparlng the Governois. Report and the financial statements in accordance wtth appllcable law and United Kingdom Atcountingstandards Iunited Kingdom Generally A¢¢epted A¢¢ountrn8 Practice), including the Charities SORP and Financial Reporting Standaid 102. Company law requires the dire¢tor5 to prepare financial statements for each financial year. whlch give a true and falr view of the state of affairs of the charitable company and 8roup and of the incoming ￿sourceS and application of resources, including the income and expenditu￿ of the Charity and Group for that period. In preparin8 these financial statements, the trustees are requlred tc•= Select suitable accounting poliaes and apply them consistently; Observe the methods and principles in the Charities SORP IFRS 1021- Makejudgements and estimates that are reasonable and prudent- State whether applicable UK Accounting Standards have been followed, subject to any materlal departure5 disclosed and explained In the finanoal statements: and Prepare the accounts on the 80ing Concern basis. unless it is inappropriate to assume that the company will continue in operation. The trustee5 are re5pon5ible for keeping prOperaC￿unting records that disclose. with reasonable accuracy at any tlme, the flnanclal posltlon of the Chartty and Group and enable them to ensure that the financial statements comply with the Companies Act 2C4)6. They are also responsible for safe8UaTding the assets of the Charity and hence for tsking reasonable step5 for the prevention and detection of fraud and other Irr￿ularities. As directors, we also confirm that there is no relevant audit information of which the CoMpan￿S audltors are unaware and we have made all necessary enquirie5 and taken such steps that we ought to, to ensure that we become aware of anv relevant audit Infomiation and we Confirm that the Charit￿5 auditors have been made aware of 5uth inforrnation. This Annual Report, which incorporate5 the Strategic Report, was approved by the Board of Governors of KIn￿S House S¢hool on l December 2022 and Signed on its behalf bv: C Lavertv Chalr of Governors 17

INDEPENDENT AUDITOWS REPORT TO THE MEMBERS AND GOVERNORS OF KING'S HOUSE SCHOOL TRUST (RICHMOND) UMITED Oplnlon We have audited the financial statements of Kin￿5 House School Trust (Richmond) Limited for the year ended 31 August 2022 whlch comprise the Group Statement of Financial Activities. the Group and ParerTrt Charitable Company 8alan¢e Sheet, the Group Statement of Cash Flows and notes to the financlal statements. including a summary of s¢gnificant accounting policies. The financial reportin8 fiamework that has been applied in their preparaiion is applicable law and United Kingdom Accountin8 Standard5. Including Finanaal Reporting Standard 102 The Finonciol Reporting Stondord upplicoble in the UKond Republic of Irelond Ivnlted Kingdom Generally A¢¢epted Accountin8 Practice). In our opinion, the financial statements.. give 3 true and fair View of the State of the group and parent charitable company's affairs as at 31 August 2022 and of the group and parent charitable companvs net movement in fund5, includin8 the income and expendrtvre. for ihe year then ended,. have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounti￿ Pra¢ti¢e,' and have been prepared in accordan￿ with the requirements of the Companies Act 2￿6. Basls for opinion We conducted our audit In accordanee wlth Intemational Standards on Auditin8 IUKI IISAS IUKII and appllcable law. Our responsibilitles under ihose siandards are fvrther described in the Audftorfs responsibillties lor the audit of the financsal statements section of our report. We are independent of the 8roup in 8¢¢ordan¢e with the ethical requirements that are relevant to our audit of the financial statements in the UK indudin8 the FRC5 Ethical Standard, and WÈ have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Concluslons relatlng to <oncern In auditing the financial statements. we have conduded that the trustees. use of the 8oin8concem basls of accounting in the preparation of the financial statements is apwopriate. Based on the work we have perfomed. we have not identified any material uncertainties relating to events or condition5 that. Individually or collectivety. may cast significant doubt on the 8roup or parent charitable companws abillty to continue as going Concern for a period ol at le¥st twelve months from when the financial statements are authorlsed for issue. Our respon5ilxlities and the res￿nsIbilitieS of the trusteeswth respe¢tto8oingconwn are described in the relevant sectlons of thls report. Oiher Informatlon The trustees are responsible for the other information. The other information comprises the inforrnation included in the Trustees. Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance condusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing $0. Consider whether the other information is Material￿ inconsistent wilh the financial statements or our knowledge obtained in the audit or otheTh¥i5e appear5 to be materially misstated. If we identify such material Inconsistencies or apparent material misstatements, we are required to determine whether there is a matèrial misstatement in the financial statements or a material rnisstatemenl of the other information. If, basÈd on the work we have performed, we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothlng to report In this regard. Oplnlons on other mattèrs wescrfbed by the Coftwnles Act 21x16 In our opinion, based on the work undertaken in the course of ihe audit.. the inforrnation w'ven in the Trustee5' Annual Report Iwhid) includes the strateglc report and the dlrectors. report prepared for the purposes of company lawl for the finantial year for whith the finanual statemenis are preparedls consistent with the finanual statements. and the Strategic report and the directors. report Induded within the Trustees. Annual Report have been prepared In accordance with appliCa￿e legal requirements. 18

INDEPENDENT AUDITOWS REPORTTO THE MEMBERSAND GOVERMORS OF KINtrS HOUSE SCHOOITRUST IRICHMONDI UMITED Matt&rs on whlch we are requlred to report by ex￿pIlon In the light of the knowledge and understanding of the group and parent Charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees. Annual Report (which incorporates the strategic report and the d1￿ctors. report). We have nothlng to report in respect ol the following matters in relation to which the Companies Art 2006 requires us to report to you If, in our opinion.. adequate accountlng re¢ords have not been kept by the group and parent charitable cornpany,. or the group and pareni tharitable company finanaal statements are not in agreernent with the accounting record5 and returns; or Certain disclosures of trustees. remuneratron specified by law are not made.. or we have not received all rhe inforrnation and explanations we requlre for our audiL Responslbllftles ol trustees for the fimndal statements As explained more fulty in the trustees. responsibilitie5 statement set out on page5 17. thetrustees Iwho are also the dirertor5 of the group and paient charitable company for the purpose5 of company lawl are responslble for the p￿paration of the financial statements and for being Satisfied that they gNe a true and fair view, and for such internal control as thè trustees determine Is necessary to enable the preparation of finantial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the tru5tee5 are responslble for awssing the 8roup's ability to continue as a 80in8 concern. dlsclosin& as applicable, matter5 related to goin8 ¢on¢em and using the going concern basis of a¢countinB unles5 the trustees either intend to liquidate the group or parent Charitable company or to cease operation5, or have no realistlc altèrnative but to do so. Audltorfs responslbllltles for the audlt olthe flnanclal statements Ovr objectives are to obtain reasonable assurance about whether the financial ststements as a whole a￿ free from material misstatèment, whetherdue to fraud or error. and to Issue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of assuran￿. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will afv4ays detect a material misstatement when It exists. Misstatements can arise from fraud or enor and are considered material if. indivlduallv or in the aggregate, they could reasonably be expected to infiuence thè economi¢ deusions of users taken on the basis of these financlal staièments. Irregularities, including fraud. are instances of non<ompliance with laws and wulations. We design procedures in line with our responsibilities. outlined above, to detecr material misstatements in respect of irregulartties. including fraud. The extent to which our procedures arè capable of detecting irregularities. including fraud is detailed below. eased on our understanding of the group and parent th3ritable Company and the envlronment in whlch it operates, we identified that the principal risks of nonrfompliance with laws and regulations related to employment law. safeguarding regulations and Charity and Company law, and we considered the extent to whith non-compliance might have a material effect on thefinancial staternents. We alsoconsidered those laws and re8ulalion5 that have a direct impacton the preparation of the flnancial statements such 35 the Companies Act 21))6, Charities Act 2011 and Charities SORP. We evaluated management's Incenifves and opportunities for fraudulent manlpulation of the financial statements Ilncludlng the risk of ovèrrlde of ¢ontrolsl- Audit procedures perfomied by the en8a8ement team induded.. Inspe¢tin8 minutes of Trustees, meetings,. Reviewing the latest Independent Schools Inspectorate IISII reports: Inspecting Corresponden￿ with re8ulators and tsx authorities- Discussions with management Including consideration of known or suspected instances of nort-compliance wlth laws and regulation and fraud,. Evaluating mana8ement's controls designed to prevent and detect irregularities. Identifying and te5tin8journals.' and Challenw'ng assumptions and judgements made by management in their uttkal a¢¢ounting estimates. These related to depreciation and bad debt provTrsions. 19

INDEPENDENT AUDITOIV5 REPORTTO THE MEMBERSANO GOVERNORS OF KING'S HOUSE SCHOOL TRUST {RICHh•ONDI UMifED Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, Including those leading to a material misstatement in financial statements or non-compliance with regulation. This risk increases the more Ihat compliance with a law or re8ulation is removed from the events and transactions iefiected in the financial statÈmènts. as wè will be les5 likely lo becorne aware of instances of non40mpli3n¢e. The risk is also greater regarding irre8ularitie5 occurring due to fraud rather than error. as fraud involves intentional concealmenL for8ery, ¢ollusion. orryssion or misrepresentation. A further description of our responsibilities for the audit of the finèn¢ial statements is located on the Financial Reporting Council's webstte at=www.frc.or auditorsres nsibilities. This description forms part of our auditorfs report Use ol out rewt This report 15 made solety to the charitable Company's members. as a body. in accordance wth ChapteT 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 thatwe rright state to the charitable company's members those matters we are required to state to them in an Auditorfs report and for no other purpose. To the fullest extent perrnilted by law. we do not accept or assume responsibility to anyone other than the tharrtable company and the charitable companvs mern￿rs, as a body. for our audlt work, for this report, or for the opinions we have formed. Kathryn Burton Isenior Statutory Audilorl For and on behalf of Haysmacintyre LLP, Statuiory Auditors Date.. 12 Decetllber 2022 10 Queen Street Place London EC4R IAG 20

KING'S HOUSE SCHOOL TRUST IRICHMONDI Um￿ED CONSOLIDATED STATEMENT OF FIt4ANCIAL ACTlVtnES lindud1￿ income and •xpendlture account) FOR THE YEAR ENDED 31 AUGUST 2022 Unresirk¢ed fvnds Genernl Doslgnated 2022 Total 2021 Totsl Notes INCOME FROM Charlt•ble ortivities School fees receivatrAe Other irtcome 7.046.102 396.741 111.4351 7.034.667 396.741 6,799,704 322,252 Trad1￿ artlvltles 898.493 898.493 611.915 Investment Income 2,468 2,101 Donatlons 5,227 14,110 19.337 11,650 Total 5ncome 8.349.031 2,675 8,351,71XS 7,747,622 EXPENDITURE ON Ra•sin8 fund5 170.027 170.027 247,812 Charltable a¢tl¥ltles Educatlon and 8raAt makin6 7.437.150 35,587 7,472,737 6.961,726 Totsl expendSture 7.607.177 35,587 7,642.764 7.209,S38 Net Income before transfer 741.854 132,9121 708,942 538,084 Transfers 17 484,470 1484.4701 Net Incom• 1.226.324 1517.3821 708.942 538,084 Balance brought forward 3,996,589 5.857,810 9,854,399 9,316,315 Balance carried forward 17 5,222,913 5,340,428 10.563,341 9,854,399 All actlviiles are continuin8. There were no reco8nlsed 8alns or losses other than those shown in the above Statement of Financial Activities. The Statement of Financial ArtNlties for the comparative period is presented in note 22. Donation5 income includes E5.¢J)O of restricted donation5 which were ful￿ spent before the year end irt accordance with the relevant restrictions. These have not been separatety disclosed due to being immaterial. 21

KING'S HOUSE SCHO(X YRUST (RICHMOND) UMITED CONSOLIDATEO AND CHARITY 8ALAIICE SHEET Rewstered Company Plo. 590559 AS AT 31 AUGUST 2022 2022 2021 Gr¢wp 5th001 Group School N•xes INVESTMENTS li I,OLXS TANGIBLE FIXED ASSETS io 6.848,427 6.828.846 7.230,360 7,215.290 CURRENT A55Ers Debtors Cash at bank and in hand 12 13 477.119 5.541,720 343.609 5.215.827 329.233 5.059.08S 282,374 4.807.475 6.018.839 5.559,436 5,388,318 5,089,849 CRE DITOR&" amwnts due T￿thIn Me yèar 14 11.178.675) 11.151.351) 11,612,604) 11,589,386) NET CURRENT A55Ers 4.840.164 4,408,085 3,775.714 3,500,463 TOTALASSETS LESS CURRENT UABIUTIES IL688.591 IL237.931 11,IY)6.074 10,716,753 CREDITORS: amounts due after one year 15 11.125,2501 {1.125.2501 11.151,6751 11,151.6751 NET ASSETS 10.563.341 10.112,681 9,854.399 9,565,078 REPRESENTED BY: Unrestricied Funds - General Non charitable tradi￿ funds 4,772,253 450.660 4.772.253 3.707,268 289,321 3,707,268 li 17 17 5.221913 5.340,428 4.772.253 5,340,428 3.996.589 5.857,810 3.707.268 5,857,810 - Designated 10.563.341 10.112.681 9,854.399 9,565,078 King's House School Trust IRichmond} Limited has taken the exempt-on from presentin8 its un¢onsolidated statement of financial activities under se¢tion 408 of the Companies Act 2c￿. The net movement in funds of the Charity was a surplus of £547,60312021: £448,417). The finanaal statement5 were approved and authorised for issue by the Board Oft 1 December 2022 and signed on Its behalf C Lavertv The acCoMpanWr￿ notes on pages 24- 36 form part of these financial statements. 22

KING'S HOUSE SCHOOL TRUST IRICHMOMOI LIMtrED CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED 31 AUGUST 2022 2022 2021 Cash nows from op4ratln8 artlvlties Net income Interest received Interest payable Depreciation charge Loss on disposal of fixed assets Decrease in deblors Decreasellincreasel in stocks (Decreasellincrease in creditors 708.942 12,4681 1,761 355,240 420,632 1147.8861 538,084 12.1011 4,110 285.915 34,914 9,961 12.369 537,922 1356.1961 N•t cash provlded by operatlw a¢ti¥l¢les 980.025 1.421,174 Cash Ilows from In¥estln8 artlvStles Purchase of tangible fixed assets Investrnent income 1393.9391 2,468 1921,1481 2,101 Net Used In In¥esttn8 aciiv5tle5 1391,4711 1919,0471 Cash fl¢)ws from financlng actl¥lttes Repayment of loan Interest paid {104,IS81 11,7611 1103.0971 14,1101 ¢ash used In by financlry •clMtEes 1105.9191 1107,2071 Net rnovement in cash and cash equivalents Qsh and cash equlvalents at the beginning of the year 482.635 5.059.085 394.920 4,664,165 Cash and ¢ash equlvalentsat the end ollhe pfflod 5.541.720 5.059.085 Analysls of ¢ash and cash equfvalenls At 31 August 2021 At 31 Au8ust 2021 Cash at bank 13 S,541,720 5.059,085 5,541,720 5,059,085 Analy515 olchanges In net debt At Start of y•ar At end of year Cash at bank Loans 5,059,085 li￿,801) 482,635 104.158 5.541,720 152.6431 Net debt 4.￿2.284 586,793 5.489,077 The a¢companWn8 notes on pages 24- 36 forni part of these financial staternents. 23

KING'S HOUSE SCHOOL ThUST IRICHMONDI LIMITED NOTES TO THE HNANCIAL STATEMENT5 YEAR ENDED 31 AUGUST 2022 ACCOUNTING pouaES Accountlns CWTMltion The financial statements have been prepared in accordance with the Financial Reporting Standard ap1￿Icable in the UK IFRS1021, the Companies Act 21J)6 and the Statement of Recornmended Pradi¢e for Charities ISORP 20151 (Second Edition. effective l January 20191. Figures are presented in sterling and rounded to the nearest pound. The Charity is Public Benefit Entity as defined by FRSIO2. The acwunts are drawn up on the hlstorical cost basis of accountin& as modified by the revaluation of investments. Crttl¢al x¢ountInilud8emw￿ and key sources of eslimat•on un¢ertalnty In the application of the accounting poliaes, Governors are required to make judgement. estimates. and assumptions about the carrying value of assets and liabihties that are not readily apparent from other soyrce5. The estimates and underlying assumptions are based on historical experience aftd other factors that a￿ considered to be rdevant. Actual results may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basi5. Revi510ns to a¢¢ountin8 èstlmates are recognised in the period in which the estimate is revised if the revision affects only that period. oi in the period of the revision and future periods rfthe revislon affected oJrrÈnt and future periods. In thÈ view of the Governors, thÈ onty assumptlons concÈming the future or eStiMat￿n uncertainty affecting a55ets or liabilities at the balance sheet date are depreciation and bad debt provisions. 1.1 Con￿￿oda110n The accounts con501idate the results of the Trust and Kin¥5 House Sthool Enterprises ￿rnited. a separately reglstered and incorporated company. for theyear ended 31 August 2022. Kin￿5 HOUSÈ Sthool Trust (Rithmondl Limited has taken the exemption from Pfesentin8 its unconsolidated statement of finanaal activities under section 408 of the Companiès Act 2006. 1.2 G¢ln8 Concern The Governors Consider that there are no material uncertainties regarding the charivs ability to continue a5 3 going ¢oncern. The Governors have reviewed budgets and associated cash flow forecasts and consider there to be no material uncertainiies about the ¢hariVs ability to continue as a going concern. 1.3 S¢hool fees Fees receivable and charges for services and use of premises are a¢¢ounted for in the period in which the service is provided. Fees receivable are stated after deductin8 allowarKes and other remissions 8ranied by the S¢hool, but Include contributions received from Designated Funds for bursaries and other 8rants. Fees received in advan￿ of educatlon to be provided in future year5 under an Advance Fee Payments Scheme contract are held as intefest-bearing liabiiiiles untll elther taken to Income In the temi when used or dse refunded. IA Inve#ment In¢ome Investment incorne includes interest on bank tsalaft￿. whKh are accounted for on an accruals basis. l.S Donatlons Income Donations are accounted for as and when entitlement arises. the amount can be reliab￿ quantified and the economic benefit to the School is considered probable. Donations for purpose5 restric￿d by the wishe5 of the donor are taken to "restrtcted fvnds" where these wishes are legally binding on the Trvstees. 24

KING'S HOUSE SCHOOL TRUST IRICHMONOI UMITED NOTES TO THE FINANaAL STATEMENTS Icontlnuedl YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLiaES Ictwrtlnuedl 1.6 Expendifvre Expenditure is accounted for on an accruals basls. Tiadin8 costs comprise expenditure incurred by ￿1n￿5 House School Enterprises Limlted in the normal course of business. Finan¢e costs ¢omprise interest payable on the SthooY5 borrowin8s and associated Charges Incurred. Charfjtable activities costs representcosts direrttyassociated with the provtsion of education and related 51JPPOrt COSts, including govemance costs. Governance costs comprfse the costs of running the Charlty. induding strategic planning for its future development. external audit, any legal advice for the School's Govemors, and all the costs of complyin8 with constitutional and statutory requirements, such as the costs of Board and Committee rneeti￿ and of preparing staiutory accounts and satisfying public accountabllity. 1.7 Flxed a￿et$ Depreciation is provided on freehold bulldin85 over fiftyyear5 after allowirpd for the resldual value of ihe property. Long leasehold property is depreoated over the remainin8 period of the leases and after carryin8 Out appropriate impairment Teviews. Depreclation is provlded on other fixed assets to write off their cost over thwr estimated useful lives at the followin8 rates.. Fumiture, fithngs and equipment Microcomputers and equipment Motor vehldes -4%toThon cost - 33 113% on cost . 2S% on cost 1.8 Investments Investments. ¢omprisin8 wholly owned subsidiary. b valued at Cost less provision for impaimient. 1.9 Cash at bank and In hand Cash at bank and cash in hand in¢ludes cash and short term highly liquTrd investments with a short rnaturlty of three rnonths w less from the date of acquisition or opening of the deposit or similar account. 1.10 Credltors and provlslon Creditor5 and provisions are ￿tognISed where the charity has a present obligation resulting from a past event that will probably result In the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated rdiably. 1.11 Flftandal insiruments The charity only has flnaft¢4al assets and financial liabilities of a kind that qualify as basbc finanaal instruments. Basic financial instrurnent5. Induding trade and other debtors and ueditors are initially recognised at transactlon value and subsequently measured at their settlement value. Cash is measured at fair value through the statement of financial artlvltles. 25

KING'S HOUSE SCHOOL TRUSTIRICHMOND} LIMITED NOTES TO THE Fif4ANCIAL STATEMENTS {continuedl YEAR ENDED 31 AUGLIST 2022 ACCOUNTING POLICIES Icont5nuod 1.12 Fund ac<ountlni Propèrty Fund Where General Fund5 are surplus to requirements. transfers are made to the Designated Funds to build up a Property Fund. The purpose of thi5 policy is to reflert the fa¢t ihat the General Fund has been used to finance property Used for School purposes. Bursary Fund Amounts are set aside for any awards made to thildren from famil*s who would otherwlse not be able to afford the fee5 to a¢cess the education we offer. and for parents facing temporary finarKial hardship. This fvnd is also used to support Charities that improve the lives of young disadvantaged Children. 1.13 Peftsl¢Y The School contributes to the Teachers. Pension Oefined Benefrts Stheme at rates set by the Scheme actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-empbyer pension scheme and the School does not have any commitment to contribute to anydeficit or receiveany Surplus arisin8 on the Scheme. In accordarTrce with FR5102, therefore. the Scheme is accounted for as a defined contribution stheme. The School also operates a money wrchase scheme fw non-ieathing staff. Contributions are charged to the Statement of Financial Activltles as incurred. L14 Operatln8 leases Rentals payable are charged on a time basis over the lease tem. even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lÈasÈ are similarly spread on a straight-line basis over the lease term. 1.15 Sorelan curr•xy translatlon The charities functional and presentation currency is pound slerling. Monetary a$5et5 and liabilities denominated in foreign currencies are translated into sterling at the rates of exchan8e ruling at the balance sheet date. Transattlons in forèign currenaes are re¢¢￿ed at the rate ruli￿ at the date of the transaction. All differences are recognised in the SOFA. L16 Employee terniSnatlon payments Termination payments are accounted for when the decision is made and communlcated to the employee. 26

KINVS HOUSE SCHOOL TRusrlRICHMOND) UMrrED 140TESTO THE FIPIANCIAL ￿ATEmENTs Icantinuedl YEAR ENDE031 AUGU￿2021 CHARITABLE ACTMnES- FEES RECEIVABLE 2022 2021 Fees recelvable conslst OTr. School fees Less.. Total grants and allowances Total bursaries Covid disc¢)unts 7.070,9)2 124,8001 111.4351 6,918,493 117,4841 120.2451 181,0601 7.034,667 6.799,704 CHARITABLE ACTMTIES- OTHER INCOME 2022 2021 Extras Dlsbursements recovered Re8iStration fees Deposits wrlttet) off Furlou8hin8 8rants 72,901 286.097 11,793 25,950 47,384 206,952 13,200 32,548 22,168 396,741 322,2S2 OTHER TRADING AcriiimE5 2022 20Zi Tradlnfj Income Facilities hire INote 111 Furloughin8 grants (Note 11) Rental income 873,430 569.712 10.174 32,029 25.063 898,493 611,915 114VESTMENT INCOME 2022 2021 Investment Income Bank interest Fees Inte￿$t 2,288 1,611 490 2.468 2.101 GRANTS AND 0014ATIONS Z022 2021 Donatlons to the Trust Friends of King's House School Other donations 5.227 14.110 11.550 loo 19,337 11,650 27

KING'S HOUSE SCHOOL TRu¥f IRICHMONDI UMITED NOTES TO THE FINANCIAL STATEMEPITS Ic¢)rtinued) YEAR ENOED 31 AUGUST 2022 ANALYSIS OF TOTAL RESOURCES EXPENDED Staff 2022 Totsl 2021 Total Ralslng lunds Trading costs Finance costs 82,549 4.825 76.627 6.026 164.ts)1 6,026 239.916 7.896 82.549 4.825 82.653 170,027 247.812 Charltable actlvll*s Educution ond gnjnt moking Teachi Catering Prèmi5e5. repair and maifttenance Support Costs and governance Grants Isee below) 3.388.951 466.661 364,248 1.354,017 521,066 35.587 3.855,612 364.248 1,957.714 1.259.576 35,587 3,642,496 286,038 1,955,959 1,039,643 37.590 253.282 738,510 350.415 4,380,743 350.415 2.741.579 7A72,737 6,961,726 Total expendlture 4.463.292 355,240 2.824,232 7,642,764 7,209,538 Grants to support disadvanta8ed thildren at other Schools indude- £14,330 to the Royal Natiortal Chlldren's Sprin8board Foundation, £20,¢Xfj to The Sthool & Family Works organisation and £278 to Rania Developmènt for summer activits.es and £880 to Civil Service FC for gids. football coachlng. See note 23 for the comparative anatysis of resources eXp￿ed. 2022 2021 Governance expendlture comprfses: Audltors remuneration - audit services - other services 12,600 3.640 11.950 3,150 No remuneration may be or has been paid to any Governor or connecte(I person during the year either directly or indirectly. No Governors were reimbursed ewse$12021: None). The Governors maintain indemnity insurance of up to £5m. STAFF COSTS 1022 2021 Wages and salaries Social security costs Pension contributions Inote 211 3.522,970 372.416 567.906 3,435,681 339,003 S52,S27 4.463,292 4,327.211 28

KING'S HOUSE SCHOOL TRUST IRICHMONDI UMITED NOTES TO THE FINANCIAL STATEMENTS Icontlnued) YEAR ENDED 31 AUGUST 2022 STAFF COSTS Icortlnuedl 2022 N¢. 2Q21 No. The average number of employee5 durin8 theyear was.. Teachine Other 41 41 65 105 106 The number of employees who had eM￿YMents exceedin8 £60,OC#J were: E60.001- £70.CO) E70.001- £80.( £90.001- £100,O(xI £ioo,ooi- £iio.coJ £130,001- £140.(N)) £190,001- £2CIJ.O A8gregate rernuneratlon and employee bÈnefrt5 paid to mana8ement personnel during the year were £723,39512021.. £619,858). There were no redundancy gr iermination payments durin8 the year. T￿TION The Schojl 15 a registered chaiity and no taxation is payable on its tharitable Incom 10. TANGIBLE FIXED ASSETS: GROUP The movernent of tangible fixed assets were as follows.. Fyfnlture Lor41 ffttkngs Comwt•rs le•sehold and and property eq¥lpment equlpmert Fr••I￿ld land and I￿lI11n￿$ M¢)tor ¥ehlde KHSG Borehole Total COST At 15eoernber 2021 Addit￿$ Disw)5a15 8,060.023 98.950 2,673.694 329,788 321.924 37,109 89,190 27,042 112.214 11.355.995 393.939 1420,6321 1420.6321 At 31 August 2022 7,639,391 98.950 3.(￿3.482 359.033 116,232 112,214 11.329.302 DEPRECIATION At I Septernber 2021 Charge for the year Elirninated on disposal 2.328.767 123,038 47,8￿) lJ56.078 179.857 273.￿2 36,667 87,308 3.174 32.080 11.704 4.125.635 355.240 At 31 Au8USt 2022 2.451.805 48,600 1.535.935 310.269 90,482 43,784 4,480,875 NEf BOOK VALUE At 31 August 2022 5,187,586 50,350 1.467.547 48,764 25,750 68.430 6.848.427 At 31 Auoust 2021 5.731.256 51.150 1,317,616 48.322 1.882 80,134 7,230,360 The School's bankers are holdin8 a first le8al nwage over part of the School's freehold land and building5 as 5ecurty for an and overdraft facility- A small amount of fixtures and fittings are held wf(hin KITh￿5 House School Enterprises timited. The total cost of these assets is £41,49412021.. £32.1581 including additions of £9,33612021.. £1.8121. Accurnulated depreriatlon for the year of £21,913 12021= E17,0881, induding a charge of £4.82512021.. £4,173). The net book valueof these assets was therefore £19,58112021.. £15,070). 29

KING'S HOUSE SCHOOL TRLIST (RICHMOND) UMITED NOTES TO THE FINANCIAL STATEMEP4TS Iconllnuedl YEAR ENDED 31 AUGUST 2022 11. FIXED A5W IP4VE5fMEIITS The School owns IC4)% of Kin8's House Sthool Enterprises Limited. feglstered company number 07261424, whi¢h provides sportin& leisure and other facilities and services. The cornpany is registered in the United Kingdom. Duringthe year, the company donated £267.09012021.' £150,303) donated in relation to 20211 of its taxable profits to the school. The School charged £281.COJ12021.. £100.(X)I fof a license to use the premise5 whith th sthool leases. The balance OWln8 from the khool to the company ai 31 August 2022 was £4.80712021.' £7,6501- Ils tradinB resylts extracted from its audited accounts for the year ended 31 Au8USt 2022 were.. 2022 2021 Turnover Expenditure Other operats.ng Income Donatlon to King's House School 873.430 1445.ts)11 569.712 1339,9161 10,174 1150,3031 1267,0901 ILossllprofit for the year 161,339 89,667 Inteiest In KIn￿S House Sthool Enierprises Limited Reswves 450.660 289,321 Aggre8ate Capital and reserves 451,660 290.321 Bal•n¢e 2022 2021 Fixed asset Currenl Assets Current liabilitie5 19.581 464.210 132,1311 15,070 306.119 130.8681 Net a55ets 451,660 290,321 Net a55ets include share capital of £l.IXXJ. DE8TORS Gr￿P J)22 School 2022 Group 2021 sd￿01 2021 Fee debtors Prepayments and accrued Income Other debior5 70.085 402.184 4.850 70.085 268,674 4.850 58.406 221,860 2,108 268,719 2.108 477.119 343.609 329,233 282,374 CASH AND CASH EqUIVALENTS Group 2022 School 2022 Gr(XbP 2021 School 2021 Cash at bank S.$41,720 5.215.827 5.059.085 4A07,475 30

K114G'S HOUSE SCHOOL TRUST {RICHMOND) UMtFED NOTES TO THE FINANaAL STATEMENT5 l¢ontlnued} YEAR ENDED YI AUGUST 2022 14 CREDITORS.. amounts duewlthln ¢Jne year Group 202Z 5th0 2022 Group 2021 hool 2021 Bank loan Other taxes and social security Accruals Trade treditors Other ¢reditors Deposits Deferred income-fees in advance Amounts due to group cornpanies 52,643 114.477 224.542 294,099 27,803 128.339 336.772 52.643 106.110 211.524 284,103 27.053 128.339 336,772 4.807 104.365 98,096 780,416 226.676 24,671 101,450 276.930 104,365 88.477 768.262 218,331 23,921 101.450 276,930 7,650 1.178.675 1,151,351 1,612.604 I,S89,386 15. CREDifoRS: amounts due after one ￿ar Group & School 2022 2021 Deposits Bank loan 1.125,250 1,099,239 52.436 1.125,250 1,151,675 16. BANK LOANS Group & S¢hool 2022 2021 MATURITY OF DEBT Within one year Two to fwe years 52,643 104,365 52.436 52.643 156,801 The bank loan and overdraft facility are secured by a tharge over commercial freehold property owned by the School. The bank loan bears Interest at a rate of 1% over Bank of En8laftd base rate. which increased to 1.75% during the year. The bank loan was subsequently repaid in full prior to the approval of the finanaal statements by the Board of Governors. 31

KING'S IIOUSE SCHOOL TRUST{RICHMOMDI UMtTEO NOTES TO THE FINANCIAL ¥fATEMENTS {contlnued) YEAR ENDED 31 AUGUST 2022 17. FUND MOVEMENTS At I September Income Expenditure 2021 At 31 August Transfers Unrestri¢ted Funds General Fund Designated Funds Property fund Bursary fund 3.9%.589 8.349,031 17.607.177) 484.470 5,222,913 5.782.41 75.404 1544.4701 60,OL 5,237,936 102,492 2,675 135.5871 9A54.399 8,351.706 (7,642,764) 10,563.341 As at Ji Auy5t 2021 At I Seplember 2020 At 31 Au8USt 2021 Expendltur¢ Transfers Unrestricted Funds General Fund Designoted Funds Property fund Bursary fund 3,41S,357 7.767.867 17.171.948) 114.6871 3.996,589 5.827.719 73.239 145.3131 60.000 5.782.406 75.404 120,2451 137,59)) 9,316.315 7.747.622 17,209,538) 9,854,399 Property Fund Where General Funds are surplus to requirements. transfefs are made to the Pioperty Fund to build up a Propertv Fund_ The purpose of this policy is to refflect thè fact that the General Fund has been used to finance property used for School purposes. Bursary Fund Amounts are set aside for any awards made to children from families who would otherwise not be able to afford the fees to access the education we offer. and for parents f¥o￿teMporary finanoal hardship. NEf ASSEfs BY FUND GROUP Tanglble Plet current LMB term Uablmtles Total General Fund Deslqnated Property fund 8ursary fund 1.610.491 4,737,672 11.125.250) 5,222.913 5,237.936 5.237.936 102,492 102.492 6.848.427 4.840,164 11,125,250) 10,563,341 As at 31 Auiust 2021 General Fund Deslgnoted Property fund Bursary fun 1.447.954 3.7W.310 11.151.675) 3,996.589 5.782,4 S.782.406 75.404 75.404 7.230.3f4J 3.775.714 11,151,675) 9,854,399 32

KINffS HOUSE SCHOOL TrUST {RICHMOIIDI UMITED NOTES TO THE FINANaALsfATEMEPITS Icontlnuedl YfAR ENDED 31 AUGUST 2022 19. OPERATING LEASE COMMrfMENrs At 31 August 2022, the Sthoo1'5 and group's future minimurn operating lease payments are a5 follows.. Group and School 20ZZ 2021 Optrlft8 leses whlch explre: Within one year In two to five years Greater than five years 133,251 504,831 5,IIKJ,￿O 133,948 503,477 5,220,CK)O S.738,082 5,857,42S Total costs incurred during the year in r￿pect of rental tosts for assets held undèr operating lease5 We￿ £133.948 12021= £129,813). The school is party to a lon8-term operating lease with the London Borough of Hounslow for the Kin￿5 House School Sports Ground, Clubhouse and other buildings on the site in Duke's Meadow. Chlswick. The lease was restructured in March 2020 and will expire In Marth 2070. PEf4510N SCHEME The School partlclpates in the Teachers. Pension Scheme 1.the TPS") for its teachln8 Staff. The pension charge for the year Indudes contributions payable to the TPS of £437,57512021: £426.2531 and at the year*nd £NII12021- £NIII was accrued in respert of contritsjtions to this stherne. The TPS is an unfunded multi-employer defined benefits pension scheme govemed by The Teachers. Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulation$ 2014 las arnendedl. Members contribute on a "pay as you Bo- basis with contributions from members and the employer bein8 credited to the Ex¢hequer. Retirement and other pension benefits are paid by publlc funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuation5 undertaken by the Government Actuarls Department. The most recent a¢tuarial valuation ofthe TPS was prepared as at 31 March 2016 and ihe Valuation ReporL whith was published in March 2019. confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from I September 2019. Employers are also requrred to pay a scheme admlnistratlon Iw of 0.08% wving a total employer contributlon rate of 23.68 The 31 March 2016 Valuation Rem was prepared in accordance with the benefits set ¢)Ut in the scheme regulatlons nd under the approach specified in the Directions, as they applled at S Marth 2019. However, the assumptlons were considered and set by the Department for Education prior to the rulin8 in the'McCloudlSargeant case,. This case has required the courts to consider c35e5 regarding the implementation of the 2015 reforms to Public Service Pensions induding the Teachers. Pen510ns. On 27June 2019 the Supreme Court denied the 8ovemment permission to appeal the Court of Appeal's judgmentthat transitional Provisions introduced to the reformed pension s¢heme5 in 2015 gave rise to unlawful age discrimination. The government is respecting the Courys decision and ha5 said it will engage fully with the Employment Trlbunal as well as employer and member representatNes to a8ree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred ¢hoi¢e underpin under which members wlll be able to choose either le8a¢y or reformed scheme benefits in respect of their seNice during the perTrod between I April 2015 and 31 March 2022 at the point they become payable. 33

KING'S HOUSE SCHOOi TRUST IRKHMOND) UMrrEO NOTESTO THE FINANCIAL STATEME14TS Ictyrtin•Jed) YEAR ENDED 31 AUGUST 2022 PENSION SCHEME Icont5nu•dl The TPS is subject to a cost cap mechanism whi¢h was pui in place to protect taxpayer5 against unforeseen ¢hanges in scheme costs. The ChSef Secretary to the Treasury, havin8 bn 2018 annourt￿d that there would be a review of this cost cap mechanism. In January 2019 announced a pause to the cost Cap mechanism following the Court of Appeal'5 rulin8 in the McCloud/Sargeant ¢ase and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in Juty 2020. and a consultation was launthed on 24 June on proposed changes to the cost control mechanism following a revieAf by the Government Aciuary. Following a public consultatlon, the Government have accepted three key proposals recommended by the Govemment Actuary. and arè aiming to implement these chan8es in time for the 2020 valuations. In 2016 cost control valuatlons have since been completed In January 2022, and the results indicated that there would be no changes to benefi.ts or member contribution5 required. The results of the cost cap valuation are not used io set the employer contribution rate. and HM Treasury has Confirmed that any changes to the employer contribution rate re5ultin8 from the 2020 valuations will take effect in April 2024. Until the 2020 valuatlon Is ¢ompleied it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. According￿. no provish)n for any additional past benefbt pensbon wsts is induded in these finanaal Statements. The School also operates a Group pension stheme for non-teachlnB Staff whith is a defirted contribution scheme wSth employees contributing 5% and the School IO%12021= 5% and IO% fespettivelyl. The total contributions payable by Ihe School in the year were £124,96712021.' £121,217). As at 31 August 2022 amounts totallln8 E13,62812021.' £13,6811 were due to the Scheme and are included within other creditor5. 21. REIATED PARTY TRANS4cnoNS King's House Enterprises Limited is a wholly owned subsidiary of Kings House School Trust IRi¢hmondl Llmited. At the year-end the￿ was an amount due to King's House School Trust {Richmondl Limited of £Nil12021.. £Nill in respect of proflts glft aided to the School by the 5ub5idiary wmpany. The daughter of one trustee was employed on a pernanent contrxt durfing the year as a nursery as5i5tant The trustee was not involved In the deaslon to employ her or set her remuneration. No Governors had any other related party transartiors with the 8roup during ihe year12021.' Nil). 34

KING'S HOUSE SCHOOL TRUST IRICHMONDI UMITED NOTES TO THE FINANOALSTATEMENTS Icontlnuedl YEAR ENDED 31 AUGUST 2022 21 COMPARAMVE CONSOUDATED STATEMENfoF FINANCIAL ACTivrrtES Unrestrlrted fvnds General Dest8nated 2021 Total INCOME FROM Char5table actmtles School fees re¢esvable Other income 6,819.949 322,252 120.2451 6,799.704 322.252 Tradlng actlvltles 611.915 611,915 Investment Income 2.101 2,101 Oonatlons 11.650 11,650 Totsl Incorne 7.767.867 120.2451 7.747,622 EXPENDITURE ON Ralsln8 funds 247.812 247.812 Charltable artfvltSe5 Education and grant makin8 6,924.136 37.590 6,961,726 Totsl expend￿Ure 7.171.948 37.59) 7.209,538 Net Income before transler 595.919 157,8351 538,084 Transfers 114,6871 14.687 Net Income 581.232 143.1481 538,084 Balance brought forward 3,415.357 s,￿0.958 9,316,315 Balance carrled forward 3,996,$89 5,857.810 9,854,399 35

KINtrS HOUSE SCHOOL TRUST IRICHMONDI UMITED NOTES TO THE FINANCIAL STATEMENTS (a>ntlnued) YEAR ENDED 31 AUGUST 2022 23. COMPARATIVE ANALY51S OF TOTAL RESOURCES EXPEWDEO Staff 2021 Total Ralslng funds Trading Costs Finance costs 114.952 4,173 120.791 7.896 239,916 7,896 114,952 4.173 128.687 247,812 Charitable actl¥ltles Educotion ond gront making Tea¢hirb8 Calering Pfemises, repair and maintenan Support costs and governance Granis (see below) 3.279.628 362.868 286,038 1.438,059 343.170 37.590 3,642,496 286.038 1.955.959 1,039.643 37,590 236,158 696,473 281.742 4.212.259 281,742 2.467,725 6,961,726 Total expenditure 4.327.211 285,915 2.596,412 7.209.538 36